stock price steady upward trend, page-25

re: good day....more to come Forget the charts Philbert. Consider below:


On 17 November 2006, ANG annouced to the ASX in the Chairman's Address that:

"In terms of current year guidance, based on the first four months of trading we are expecting a first half result in the range of $3.25 to 3.75 million profit before tax. With the current work-loading stretching out til the financial year end we are also expecting a strong second half."

The Appendix 3B of 24/11/06 shows ANG has 40 million shares on issue. (The 3.2 million options are subject to escrow until August and December 2007).

The Preliminary Final Report of 29/08/06 shows ANG has $12 million is cash, $25 million in current assets (including cash), $17 million in current liabilities and $1.8 million dollars in long term liabilities. In other words, the balance sheet is strong and no further share issues are required.

For the 6 months to 30/6/06, ANG earned $2.85 million earnings before income tax on operations (excluding capital gains).

Based on the above guidence of 17 November 2006, at a lower range of profit before tax of $3.25 million dollars, the earnings per share will be 5.7 cents or 11.4 cents annually. (3.25 million x 70% for tax divided by 43 miilion shares )

On a conservative PE ratio of 10, the share price is valued at $1.14.

On the higher guidence of $3.75 EBIT, the share price is valued at $1.31.

On a PE ratio of 12, the share price ranges are $1.36 and $1.57.

On a PE ratio of 14, the share price ranges are $1.60 and $1.85.